Jobs Report Is a Boost to Trump Rally

 

The first full jobs report published during the Trump Administration came out Friday morning and I give it a B+.

The economy added 235,000 new jobs in February, slightly above expectations and about in line with January’s gains. Private sector jobs grew by a similar amount. The unemployment rate slipped to 4.7%.

Two things particularly impressed me about the report. First, job growth was strong across the board—not just in the usual suspects, health care and professional & business services, the two stalwarts of the service economy.

Construction—construction!—led the pack with 58,000 new jobs. Maybe February’s uncommonly warm weather gave early spring fever to home buyers and builders. Two wildly different industries—manufacturing and private educational services—also showed big job gains. Only retail, which is in the midst of a big contraction, showed a substantial decline of 26,000.

And labor force participation rose to 81.7% for the prime-age work force (people between 25 and 54). That was the highest prime-age participation since 2011.

So, is President Trump working some kind of magic? Is it good for investors?

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